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Home My WebLink About2008 CON CDC Donald & Judy Healy / First American Title - Substitution of Trustee and Full ReconveyanceDOC # 2008-0463014 PLEASE COMPLETE THIS INFORMATION. RECORDING REQUESTED BY: e 77m-Aes AND WHEN RECORDED MAIL TO: 64104/14r2iry vezo79tf" &/ l£5/D 4- /a¢3•v route ei-y u A7417 ,m &rs! Ci 94,5a 11 III ui IIII IIIII II II I III II II I I II 1 1111 AUG 28, 2008 4:27 PM OFFICIAL RECORDS SAN DIET I COUNTY RECORDERS OFFICE GREGORY.J. SMITH. COUNTY RECORDER FEES: 28.00 'WAYS: CiA T PAGES: 2 11111111 1111111110111101111 11111111111111111111111111111111101111111111111111111 I I I I 85777-7-17 7o4) Sf 7ZZ 457er MID /-1.‘cc. / oNeEr1 2 (Please fill in document title(s) on this line) THIIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION (Additional recording fee applies) 9/95 Rec.Fonn #R25 Recording Requested By: FIRST AMERICAN TFI'LE National Commercial Services AND WHEN RECORDED MAIL TO • Community Development Commissioo Add,ess ot the City of National City stale 1243 National City Blvd., .zip National City, CA 91950 L oan No. RR-1991-23 /0( -3 S')33 t1 SPACE ABOVE THIS LINE FOR RECORDER S USE SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE WHEREAS, Donald J. Healy & Judy L. Healy as the original Trustor, and First American Title Insurance Company as he original Trustee, a:td Community Development Commission of the City of National City the original Benefit.iary ,Jnder that certain Deed of Trust. Dated May 30, 1991 and Recorded June 20, 1991 as Instrument No. 1991-0296473 in the Official Records of the County ot San Diego State of California and more particularly described as follows LOT 12 AND NORTH HALF OF LOT 13 OF JENNIE H. HO65ON SUBDIVISION, IN THE CITY OF NATIONAL CITY, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA. ACCORDING TO MAP THEREOF NO. 1887, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, FEBRUARY 26, 1926 EXCEPTING THE EAST 10 FEET THEREOF. APN: 556-560-12-00 WHEREAS, tre u.idersiuned desires to substitute a new Trustee under said Deed of Trust in Place and instead of First American Title nsurance Company. NOW, THEREFORE, the undersigned hereby substitutes Community 7eve'opmant Commission of the City of National City es Trustee under said Deed of Trust and does hereby RECONVEY. WITHOUT WARRANTY;. to the person or persons legally entitled hereto, the Estate now held hereunder. !mated: August 20, 2n08 S FATE OF CALIFORNIA } COUNTY OF San Diego} On August 2!J 2008 before me, Ingid Slettengren Notary Public personally appeared — Jeanettet Ladrido wno proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is,are subscribed to the within Instrum,,t anJ acknowledged to me that hers,te/they executed the same in his'her/their authorized capacity(Ies), and that by 'i.s/her/they signature(s) on the instrument the person(s), or the .entity upon nehalf of which the personis) acted, executed the t. ,rument. nertify undo, PENALTY OF PERJURY under the laws of the State of . ahfornia '.hat th•,- foregoing pa ,:,graph is trot. and correct. ,d'TNESS my nand and official seal. Signature Jean-tte Ladrido, Finance Director Community Development Commission of the City of National City INGRID L. SLETIEMGREN COMM I1S10136 NOTARY PURIC-CALIFORNIA In Ran Dire Cart My Comm. Expires Apr. Ill, E009 E FOR NOTARY STAMP OR SEMI_ RESOLUTION NO. 2008 — 133 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY APPROVING THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR CASA FAMILIAR, INC. WITH RESPECT TO THE PROPOSED ACQUISITION AND REHABILITATION OF MULTIFAMILY HOUSING PROJECTS WHEREAS, the California Statewide Communities Development Authority (the "Authority"), of which the City of National City (the "City") is a member pursuant to the provisions of that certain Amended and Restated Joint Exercise of Powers Agreement Relating to the California Statewide Communities Development Authority, dated June 1, 1988 (the "Agreement"), is authorized by the laws of the State of California (the "Law") to cause the execution and delivery of taxable and tax-exempt obligations for the purpose of financing educational and other facilities owned and operated by nonprofit public benefit corporations located within the area of operation of the Authority; and WHEREAS, Casa Familiar, Inc. (the "Borrower"), a nonprofit public benefit corporation formed exclusively for charitable purposes, including providing affordable housing, has requested the Authority to cause the issuance of tax-exempt obligations (the "Obligations") in the approximate amount of $1,250,000, the proceeds of which will be applied to finance (i) the acquisition, rehabilitation and equipping of an eight unit multifamily housing development located at 1111 D Avenue, National City, California 91950 (the "D Avenue Project") to be owned and operated by the Borrower and (ii) the acquisition, rehabilitation and equipping of a ten unit multifamily housing development located at 1101-19 E Avenue, National City, California 91950 (the "E Avenue Project" and the D Avenue Project, the "Projects") to be owned and operated by the Borrower; and WHEREAS, the amount of Bonds allocable to the D Avenue Project shall not exceed $650,000, and the amount of Bonds allocable to the E Avenue Project shall not exceed $600,000; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 (the "Code") requires that the "applicable elected representative" with respect to the Projects hold a public hearing on the issuance and delivery of the Obligations; and WHEREAS, the City Council, as the "applicable elected representatives" to hold said public hearing, has held said public hearing at which all those interested in speaking with respect to the financing of the Projects were heard; and WHEREAS, Section 6586.5 of the California Government Code (the "Government Code") requires that the City Council approve the financing upon a finding of significant public benefit after a public hearing following publication of at least five days' written notice in a newspaper of general circulation in the City; and WHEREAS, the City Council has on the date hereof held a public hearing following duly published notice thereof and all persons desiring to be heard have been heard. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of National City, as follows: Section 1. The City Council hereby finds and determines that the foregoing recitals are true and correct. Resolution No. 2008 — 133 July 1, 2008 Page 2 Section 2. The City Council hereby approves the issuance of the Obligations with respect to the proposed Projects by the Authority. Section 3. The issuance and delivery of the Obligations shall be subject to the approval of and execution by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Obligations by the Authority. Section 4. The Corporation shall be responsible for the payment of all present and future costs in connection with the issuance of the Obligations, including, but not limited to, any fees and expenses incurred by the City in anticipation of the issuance of the Obligations. The payment of the principal, prepayment premium, if any, and purchase price of and interest on the Obligations shall be solely the responsibility of the Corporation. The Obligations shall not constitute a debt or obligation of the City. Section 5. This Council hereby determines that it is appropriate for the Authority to cause the issuance of the Obligations to finance the acquisition, rehabilitation, construction, and development of the Projects, and hereby approves the issuance of the Obligations. It is the purpose and intent of the Council that this resolution constitute approval of the Obligations for the purposes of Section 9 of the Agreement. Section 6. This Council hereby finds that the financing of the Projects will result in significant public benefits to the citizens of the City pursuant to Section 6586 of the Government Code, including demonstrable savings in effective interest rate, bond preparation, bond underwriting, or bond issuance costs. Section 7. The adoption of this Resolution is solely for the purpose of meeting the requirements of the Code and the Government Code, and shall not be construed in any other manner, the City nor its staff having fully reviewed or considered the financial feasibility of the financing of the Projects or the expected operation of the Projects with regards to any State of California statutory requirements, and such adoption shall not obligate, without further formal action to be taken by this Council, (i) the City to provide financing to the Corporation for the financing of the acquisition, construction and development of the Projects or to cause the delivery of the Obligations for the purpose of such financing; or (ii) the City, or any department of the City, to approve any application or request for, or take any other action in connection with the ownership or operation of the Projects. Section 8. The City Clerk shall forward a certified copy of this Resolution and a copy of the affidavit of publication of the public hearing notice to: Stephen G. Melikian Jones Hall, A Professional Law Corporation 650 California Street, 18t Floor San Francisco. CA 94108 Section 9. This Resolution shall take effect from and after the date of its passage and adoption. --- Signature Page to Follow -- Resolution No. 2008 — 133 July 1, 2008 Page 2 PASSED and ADOPTED this 1st day of July, 2008. on Morrison, Mayor ATTEST: A Mi ael R. Dalla ity Clerk APPROVED AS TO FORM: George . Eiser, III City Attorney City of National City, California COUNCIL AGENDA STATEMENT MEETING DATE July I , 2008 AGENDA ITEM NO. 16 ITEM TITLE PUBLIC HEARING FOR THE ISSUANCE OF CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY REVENUE BONDS IN AN AMOUNT NOT TO EXCEED S1,250,000 IN CONNECTION WITH THE CASA FAMILIAR, INCORPORATED ACQUISITION AND REHABILITATION PROJECT PREPARED BY Alfredo Ybarra (Ext. 4279) DEPARTMENT Community Development Department, Housing and Grants Division EXPLANATION Pursuant to Section I47(d) of the Internal Revenue Code and Section 6586.5 of the California Government Code, the City Council is being asked to hold a public hearing to provide an opportunity for all interested persons to speak or to submit written comments concerning the proposal to issue the debt and the nature or location of the project. The California Statewide Communitics Development Authority (CSCDA) proposes to issue multifamily housing revenue bonds in the amount not to exceed $1,250,000 and to lend the proceeds to Casa Familiar, Inc., a California nonprofit public benefit corporation. the proceeds of which will be applied to finance (i) the acquisition, rehabilitation and equipping of an eight unit multifamily housing development located at 1111 1) Avenue, National City, California 91950 (the "D Avenue Project") to be owned and operated by Casa Familiar, Inc., a California nonprofit public benefit corporation (the "Borrower") and (ii) the acquisition, rehabilitation and equipping of a ten unit multifamily housing development located at 1101-19 R Avenue, National City, California 91950 (the " E Street Project") to be owned and operated by the Borrower. Environmental Review N/A Financial Statement There is no liscal impact associated with this request. Approved By: Finance Director Account No. STAFF RECOMMENDATION N/A BOARD / COMMISSION RECOMMENDATION ATTACHMENTS ( Listed Below) Resolution No. Background Report A-200 (9/99)